Harmony Gold Mining is a South African gold miner that produces gold bullion by mining ore at its own underground and surface operations, then processing that ore through cyanide leaching and CIP/CIL plants. Harmony sells its gold output to refiners and bullion dealers at prevailing spot prices, making it a price-taker with significant operating leverage to the gold price. Harmony's cost base is predominantly rand-denominated — labor and electricity together account for roughly 72% of group costs — while revenue is earned in US dollars, making the ZAR/USD exchange rate a key profitability driver. The company operates across four quadrants: high-grade deep-level underground mines in South Africa (led by Mponeng and Moab Khotsong, both operating at roughly 9–11 g/t); surface tailings retreatment operations; a lower-grade optimized underground portfolio that Harmony is allowing to taper as reserves deplete; and international gold-copper assets. The international segment includes Hidden Valley in Papua New Guinea, the Wafi-Golpu copper-gold joint venture with Newmont (still in permitting), MAC Copper in Australia (acquired in late 2025), and the Eva Copper greenfield project in Queensland. Harmony's strategy centers on three pillars: extending the lives of its highest-grade South African mines through major capital projects at Mponeng and Moab Khotsong; growing copper exposure through MAC, Eva, and eventually Wafi-Golpu, targeting copper at roughly 40% of production by FY35; and naturally improving group margins by letting its higher-cost underground mines deplete. Harmony hedges up to 30% of production over a rolling 36-month period to protect cash flows during periods of elevated capital investment.